Talking Points

TALKING POINTS

Takeda signs $50m deal with French biotech Enterome

BIOTECHNOLOGY

Takeda signs
$50m deal with French biotech Enterome

A Japanese drug maker with a big presence in Cambridge and a French biotech startup whose tiny US office is located there have signed a licensing deal worth at least $50 million to the startup. Takeda Pharmaceutical Co. plans to make an upfront payment of $50 million to Enterome SA, a Paris-based biotech whose lead drug candidate would treat Crohn’s disease, a chronic inflammatory bowel disorder. Under the deal, Enterome is also eligible to receive up to $640 million more if the two companies meet certain goals for developing the drug, getting it approved by regulators, and selling it to patients. Tokyo-based Takeda has more than 2,150 employees in Massachusetts, mostly in Cambridge, and would become even larger with its offer to $62 billion deal to buy Shire, which has about 3,000 employees here, primarily in Lexington and Cambridge. Takeda is also planning to relocate its US headquarters, which has nearly 1,000 employees, from suburban Chicago and to the Boston area. Enterome was established in 2012 to treat diseases associated with the human microbiome, the trillions of bacteria, fungi, and other microbes that live inside and on our bodies. — JONATHAN SALTZMAN

ENERGY

Offshore
wind farm will
use New Bedford for base

Vineyard Wind has signed an 18-month lease to use the state-funded New Bedford Marine Commerce Terminal for the primary staging and deployment area to build the company’s 800-megawatt offshore wind farm 14 miles south of Martha’s Vineyard. Vineyard Wind, a joint venture owned by Avangrid and Copenhagen Infrastructure Partners, will pay the Massachusetts Clean Energy Center $9 million over the course of an 18-month lease, starting Dec. 1, 2020. — JON CHESTO

FINANCIAL

Fewer people without bank accounts

The percentage of Americans without bank accounts fell to a record low last year, the Federal Deposit Insurance Corp. said Tuesday, a sign the economic fortunes of the country’s most vulnerable continue to improve. In 2017, approximately 6.5 percent of US households did not have a primary bank account. That was down from 7 percent in 2015 and from a high of 8.2 percent in 2011. That translated into roughly 14.1 million adults without a bank account. Not having a bank account, also known as being ‘‘unbanked,’’ can make everyday life more challenging. Saving money in a secure place becomes more difficult, doing any sort of online transaction is nearly impossible, and everyday bills need to be routinely paid through expensive check cashers. Without a bank account, it’s also impossible to use other financial services like paying with credit cards, buying a house, or even taking out a payday loan. The top reason for not having a bank account remained ‘‘not having enough money,” with distrust of banks was another big reason. — ASSOCIATED PRESS

HEALTH CARE

Huge walkout
hits Calif. medical centers

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About 15,000 medical workers started a three-day strike Tuesday at five University of California medical centers amid a dispute over pay raises and job security, forcing the cancellation and rescheduling of thousands of surgeries and outpatient appointments, officials said. The workers picketed medical centers in Los Angeles, San Francisco, San Diego, Irvine, and Davis. Another 24,000 other union workers, ranging from truck drivers to gardeners and cooks, were striking in sympathy, said a union spokesman, John de los Angeles. Emergency rooms remained open at the hospitals but officials said the strike would still affect thousands of patients. The union said some members would keep working to ensure patient safety, and it has a group of emergency services staffers prepared to cross picket line during a medical crisis, de los Angeles said. Patient care workers have been without a contract since December. The union wants the university to stop outsourcing low-wage work that it claims is fueling widening income, racial, and gender gaps for workers at UC’s hospitals, clinics campuses, and research facilities. — ASSOCIATED PRESS

ENERGY

Trudeau pushes carbon tax
at local level

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Prime Minister Justin Trudeau is imposing a carbon tax on provinces that have balked at implementing their own, doubling down on what will be a core fight in Canada’s next election. Trudeau announced a plan to tax industrial emitters and fuels in holdout provinces. The baseline price on carbon will be $20 Canadian per metric ton initially, rising to $50 by 2022. Much of the revenue will be sent directly back to individuals, and the government projects the average household will receive more in rebates than it pays in taxes. The plan will apply to Ontario, Saskatchewan, Manitoba, and New Brunswick, all of which are either governed by conservatives or may soon be. Other provinces, such as British Columbia, have introduced their own plans that meet the federal standard. The charge on large industrial emitters will begin in January, while the fuel tax will take effect in April. — BLOOMBERG NEWS

AVIATION

Staged ‘sleeping’ photo lands Ryanair crew
in trouble

Ryanair Holdings PLC has instructed the Portuguese cabin crew accused of posting a fake photo of themselves sleeping on an airport floor to attend a disciplinary meeting in Dublin this week. The Irish discount airline released CCTV footage to Twitter on Oct. 17 which it claimed showed the crew staging the photo at Malaga airport in Spain. The staff have been told they are “required to attend an investigative meeting under the disciplinary procedure,” according to a letter seen by Bloomberg. The purpose of the meeting is to “discuss the circumstances surrounding the distribution on social media of a photograph which faked events that occurred on Oct. 13,” according to the letter. The story was first reported by Ireland’s RTE. Ryanair didn’t immediately respond to requests for comment. The “fake photo” incident took place amid a turbulent time for Europe’s biggest budget airline, which faced widespread criticism earlier this week over a failure to eject a passenger who racially abused an elderly female flier. The airline is also in long-running negotiations with its workforce following a summer of strikes and other labor disputes. — BLOOMBERG NEWS

CYBERSECURITY

Yahoo to pay $50m in data breach settlement

Yahoo has agreed to pay $50 million in damages and provide two years of free credit-monitoring services to about 200 million people in the United States and Israel whose e-mail addresses and other personal information were stolen as part of the biggest security breach in history. The restitution hinges on federal court approval of a settlement filed late Monday in a two-year-old lawsuit seeking to hold Yahoo accountable for digital burglaries that occurred in 2013 and 2014, but weren’t disclosed until 2016. About 3 billion Yahoo accounts were hit by hackers that included some linked to Russia by the FBI. The settlement reached in a San Francisco court covers about 1 billion of those accounts held by an estimated 200 million people. Yahoo is now owned by Verizon Communications. — ASSOCIATED PRESS

INTERNATIONAL FINANCE

Brewing EU battle over Italy budget

The European Union set up a high-stakes battle with Italy, taking the unprecedented step of ordering the country to revise its public spending plans. The EU said the populist government’s budget for next year is out of line and breaks earlier promises to lower public debt. Italy’s debt load is the second-highest in Europe, and there are worries that losing control of spending could rekindle financial turmoil in Europe. The Italian government says the sharp increase in spending is needed to jumpstart growth. The EU Commission said it had no choice after Italy proposed a deficit of 2.4 percent, which would prevent Italy from lowering its debt, which is more than twice the EU limit. The commission wrote that ‘‘given the size of the Italian economy within the euro area, the choice of the government to increase the budget deficit . . . creates risks of negative spillovers for the other euro area member states.’’ — ASSOCIATED PRESS